“A rise in the adult population between those aged 25 to 49 is also
driving the market for frozen ready meals as this population segment
increasingly feels the pressure of parenthood and a busy lifestyle,
which pushes them towards convenience to achieve a work-life balance”

In this report, Technavio’s food
research experts announce their key market highlights for the global
ready meals market. Their findings include:

Frozen ready meals held over 52% of the ready meal market share in
2015

The global frozen ready meals market was valued at just over USD 50
billion in 2015 and is expected to reach USD 63.6 billion in 2020.
Frozen meals comprise a large portfolio, including frozen pizza, chicken
meals, beef meals, and various types of frozen vegetarian meals,
providing consumers a variety of options to choose from. They are
convenient alternatives to cooking and are increasingly being preferred
by the working population worldwide.

“A rise in the adult population between those aged 25 to 49 is also
driving the market for frozen ready meals as this population segment
increasingly feels the pressure of parenthood and a busy lifestyle,
which pushes them towards convenience to achieve a work-life balance,”
said Technavio leadfood
industry analyst Vijay Sirathi. Frozen meals are free from
microbial attacks and therefore considered healthier compared to other
ready meals.”

Some of top brands for frozen ready meals are Ristorante, DiGiorno,
Stouffer's, McCain, Healthy Choice, Weight Watchers, and Banquet.

Europe is the largest market for ready meals, accounting for over 40%
of the global market in 2015

Europe dominated the global ready meals market in 2015 and was valued at
nearly USD 39 billion. The European market is expected to surpass USD 48
billion by 2020, growing at a CAGR of 4.5%.

An increase in awareness about health and wellness among consumers in
Europe is driving the ready meals market in this region. Vendors are
introducing several healthy ready meals such as frozen vegetables,
salads, and gluten-free meat to meet consumer requirements. Germany, the
UK, France, Spain, and Russia are among the largest markets for ready
meals in Europe.

Despite the region’s current dominance, the European market is slow
compared to the Americas and APAC. The 2013 Horsemeat scandal in
European countries, such as the UK, breached the trust of many ready
meals consumers. This scandal had a very negative impact on the sales of
ready meals in the region. Rising economic uncertainties will also
likely lead to slow market growth in Europe from 2018 onwards.

APAC is the fastest growing region for the global ready meals market
with an expected CAGR of over 5% through 2020. In 2015, Japan was the
leading ready meals consuming country in the region, followed by China
and Taiwan. Vendors are localizing their ready meals in order to adopt
to the taste and preferences of the consumers of this region.

Vendors are also launching new product lines that cater to consumers
belonging to all echelons of society, including upper, middle and lower
middle class. In 2014, China Xiamen Yinlu Food, launched a brand named
Hou Zhou Dao ready meals targeted at the upper middle class consumers.
The product is a nutritious ready meal made of several nutrients such as
oats, black rice, red beans, and corns. The core products of Yinlu focus
on the middle and lower middle class population.

Consumers are seeking products that contain natural and organic
ingredients that are procured locally since they go through fewer
processing cycles than other ready meals. This trend is expected to
become an important factor in the future of ready meals innovation.

In November 2015, a company named Nom Noms Word Food introduced a new
line of chilled meals packed with ingredients that are authentic and
healthy. The company manufactures chilled ready meals using a unique
balanced blend of spices, herbs, and flowers to give each meal a unique
and authentic flavor.

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The company develops over 2000 pieces of research every year, covering
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Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.

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